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Georgia Reverse Mortgages

 

Acworth GA - Georgia reverse mortgage -- First Covenant Financial Inc , Cherokee County      Click to request assistance
Acworth GA - Georgia home equity loan -- New Coast Mortgage , Cherokee County      Click to request assistance
Albany GA - Georgia reverse mortgage -- Allied Home Mortgage Corp , Dougherty County      Click to request assistance
Albany GA - Georgia home equity loan -- Lifestyle Mortgage Holdings , Dougherty County      Click to request assistance
Alpharetta GA - Georgia reverse mortgage -- American Mortgage Network , Fulton County      Click to request assistance
Alpharetta GA - Georgia home equity loan -- AmeriSave-Hayes Mortgage , Fulton County      Click to request assistance
Alpharetta GA - Georgia reverse mortgage -- Bakty Barber Equity Services , Fulton County      Click to request assistance
Alpharetta GA - Georgia home equity loan -- Ping Mortgage Company The , Fulton County      Click to request assistance
Americus GA - Georgia reverse mortgage -- America's First Home Mortgage , Sumter County      Click to request assistance
Athens GA - Georgia home equity loan -- My Mortgage Pro , Athens-Clarke County      Click to request assistance
Athens GA - Georgia reverse mortgage -- SunTrust Mortgage Inc , Athens-Clarke County      Click to request assistance
Atlanta GA - Georgia home equity loan -- 1st Continental Mortgage Inc First , Fulton County      Click to request assistance
Atlanta GA - Georgia reverse mortgage -- 1St True Mortgage , Fulton County      Click to request assistance
Atlanta GA - Georgia home equity loan -- Abaco Mortgage , Fulton County      Click to request assistance
Atlanta GA - Georgia reverse mortgage -- Ace Mortgage Funding Inc , Fulton County      Click to request assistance
Atlanta GA - Georgia home equity loan -- Affordable Home Mortgage Inc , DeKalb County      Click to request assistance
Atlanta GA - Georgia reverse mortgage -- American Wide Mortgage , DeKalb County      Click to request assistance
Atlanta GA - Georgia home equity loan -- Ampro Mortgage Corp , Fulton County      Click to request assistance
Atlanta GA - Georgia reverse mortgage -- Amtrust Mortgage Corporation , Fulton County      Click to request assistance
Atlanta GA - Georgia home equity loan -- A-One Home Mortgage & Investment Inc , DeKalb County      Click to request assistance
Atlanta GA - Georgia reverse mortgage -- Arbor Commercial Mortgage LLC , Fulton County      Click to request assistance
Atlanta GA - Georgia home equity loan -- Atlanta Intown Mortgage , Fulton County      Click to request assistance
Atlanta GA - Georgia home equity loan -- Avery Mortgage Inc , DeKalb County      Click to request assistance
Atlanta GA - Georgia reverse mortgage -- Banco Mortgage Group , DeKalb County      Click to request assistance
Atlanta GA - Georgia home equity loan -- Capital Mortgage & Financial Group Inc , Fulton County      Click to request assistance
Atlanta GA - Georgia reverse mortgage -- Chase Manhattan Mortgage , Fulton County      Click to request assistance
Atlanta GA - Georgia home equity loan -- Cityside Mortgage Group , DeKalb County      Click to request assistance
Atlanta GA - Georgia reverse mortgage -- Collateral Mortgage Capital LLC , Fulton County      Click to request assistance
Atlanta GA - Georgia home equity loan -- Global Mortgage , Fulton County      Click to request assistance
Atlanta GA - Georgia reverse mortgage -- Great Oak Mortgage Corporation , Fulton County      Click to request assistance
Atlanta GA - Georgia home equity loan -- Hallmark Mortgage , Fulton County      Click to request assistance
Atlanta GA - Georgia home equity loan -- Hammond Crossing Mortgage , Fulton County      Click to request assistance
Atlanta GA - Georgia reverse mortgage -- Home First Mortgage , DeKalb County      Click to request assistance
Atlanta GA - Georgia home equity loan -- Your Mortgage Corporation , Fulton County      Click to request assistance
Augusta GA - Georgia reverse mortgage -- America's First Mortgage , Columbia County      Click to request assistance
Augusta GA - Georgia home equity loan -- Cumberland Mortgage Company , Augusta-Richmond County      Click to request assistance
Bogart GA - Georgia reverse mortgage -- Classic City Mortgage , Oconee County      Click to request assistance
Brunswick GA - Georgia home equity loan -- Oglethorpe Bank , Glynn County      Click to request assistance
Buford GA - Georgia reverse mortgage -- Bank of America Mortgage , Gwinnett County      Click to request assistance
Buford GA - Georgia home equity loan -- BB&T Mortgage , Gwinnett County      Click to request assistance
Buford GA - Georgia home equity loan -- Global Mortgage Lending , Gwinnett County      Click to request assistance
Buford GA - Georgia reverse mortgage -- Pine State Mortgage , Gwinnett County      Click to request assistance
Cairo GA - Georgia home equity loan -- McGahee Mortgage Svc , Grady County      Click to request assistance
Cairo GA - Georgia reverse mortgage -- Suntrust Mortgage , Grady County      Click to request assistance
Camilla GA - Georgia home equity loan -- Home America Mortgage , Mitchell County      Click to request assistance
Canton GA - Georgia trust asset management -- Kenneth R. Clark, CPCU, CLTC, CSA, Cherokee County      Click to request assistance
Carrollton GA - Georgia home equity loan -- Living Proof Mortgage , Carroll County      Click to request assistance
Cartersville GA - Georgia reverse mortgage -- Century Bank Of Georgia , Bartow County      Click to request assistance
Cartersville GA - Georgia home equity loan -- Citizens Home Mortgage , Bartow County      Click to request assistance
Cartersville GA - Georgia reverse mortgage -- Southern Federated Mortgage Corp , Bartow County      Click to request assistance
Clayton GA - Georgia home equity loan -- Citizens Fidelity Mortgage , Rabun County      Click to request assistance
Col GA - Georgia reverse mortgage -- Colony Bank , Columbus-Muscogee County      Click to request assistance
Col GA - Georgia home equity loan -- Lend South Mortgage, Inc , Columbus-Muscogee County      Click to request assistance
College Park GA - Georgia reverse mortgage -- Apex Mortgage , Fulton County      Click to request assistance
College Park GA - Georgia home equity loan -- Mortgage Information Systems , Fulton County      Click to request assistance
College Park GA - Georgia home equity loan -- Productive Mortgages , Fulton County      Click to request assistance
College Park GA - Georgia reverse mortgage -- STWilliams Financial , Fulton County      Click to request assistance
Columbus GA - Georgia home equity loan -- Affordable Mortgage Co , Columbus-Muscogee County      Click to request assistance
Columbus GA - Georgia reverse mortgage -- American Equity Associates , Columbus-Muscogee County      Click to request assistance
Columbus GA - Georgia home equity loan -- Joche & Associates , Columbus-Muscogee County      Click to request assistance
Columbus GA - Georgia reverse mortgage -- Premier Mortgage Of The South , Columbus-Muscogee County      Click to request assistance
Comer GA - Georgia home equity loan -- Bank of America Mortgage , Madison County      Click to request assistance
Conyers GA - Georgia reverse mortgage -- Ameron Mortgage Group , Rockdale County      Click to request assistance
Conyers GA - Georgia home equity loan -- Georgia Acceptance Mortgage Company , Rockdale County      Click to request assistance
Conyers GA - Georgia home equity loan -- Honey Creek Mortgage , Rockdale County      Click to request assistance
Conyers GA - Georgia reverse mortgage -- Sunset Mortgage , Rockdale County      Click to request assistance
Conyers GA - Georgia home equity loan -- Trinity Mortgage And Financial Group LLC , Rockdale County      Click to request assistance
Covington GA - Georgia reverse mortgage -- Vision Mortgage Services , Newton County      Click to request assistance
Cumming GA - Georgia home equity loan -- Allied Home Mortgage Capital Corporation , Forsyth County      Click to request assistance
Cumming GA - Georgia reverse mortgage -- Amtrust Mortgage Corporation , Forsyth County      Click to request assistance
Cumming GA - Georgia home equity loan -- North Ga Mortgage Financial Inc , Forsyth County      Click to request assistance
Cumming GA - Georgia reverse mortgage -- Quality First Mortgage , Forsyth County      Click to request assistance
Dahlonega GA - Georgia home equity loan -- Gold Mountain Mortgage Inc , Lumpkin County      Click to request assistance
Dallas GA - Georgia reverse mortgage -- Georgia Custom Mortgages , Paulding County      Click to request assistance
Dalton GA - Georgia home equity loan -- Ballpark Mortgage Inc , Whitfield County      Click to request assistance
Dawson GA - Georgia reverse mortgage -- Country Mortgages by Farm Credit , Terrell County      Click to request assistance
Decatur GA - Georgia home equity loan -- Ace Mortgage Services , DeKalb County      Click to request assistance
Decatur GA - Georgia reverse mortgage -- All-N-One Mortgage & Financial Inc , DeKalb County      Click to request assistance
Decatur GA - Georgia home equity loan -- Fairfield Mortgage , DeKalb County      Click to request assistance
Decatur GA - Georgia home equity loan -- Home America Mortgage , DeKalb County      Click to request assistance
Decatur GA - Georgia reverse mortgage -- Legacy Mortgage Group , DeKalb County      Click to request assistance
Decatur GA - Georgia home equity loan -- Mortgage Associated Lending Corp , DeKalb County      Click to request assistance
Douglas GA - Georgia reverse mortgage -- Douglas Mortgage Service Inc , Coffee County      Click to request assistance
Douglasville GA - Georgia home equity loan -- An American Dream Mortgage , Douglas County      Click to request assistance
Douglasville GA - Georgia reverse mortgage -- BB&T Mortgage , Douglas County      Click to request assistance
Douglasville GA - Georgia home equity loan -- Covenant Mortgage & Financial , Douglas County      Click to request assistance
Dublin GA - Georgia reverse mortgage -- AG Georgia Farm Credit , Laurens County      Click to request assistance
Dublin GA - Georgia home equity loan -- Morris State Bank , Laurens County      Click to request assistance
Duluth GA - Georgia home equity loan -- Alliance Capital Mortgage , Gwinnett County      Click to request assistance
Duluth GA - Georgia reverse mortgage -- Mortgage Land Inc , Gwinnett County      Click to request assistance
Duluth GA - Georgia home equity loan -- Newport Shores Mortgage , Gwinnett County      Click to request assistance
Duluth GA - Georgia reverse mortgage -- Tradewind Mortgage , Gwinnett County      Click to request assistance
Duluth GA - Georgia home equity loan -- Vertical Mortgage Gwinnett , Gwinnett County      Click to request assistance
Dunwoody GA - Georgia reverse mortgage -- Amtrust Mortgage , Fulton County      Click to request assistance
Dunwoody GA - Georgia home equity loan -- Home Works Mortgage , Fulton County      Click to request assistance
East Point GA - Georgia reverse mortgage -- Dimensions Mortgage , Fulton County      Click to request assistance
East Point GA - Georgia home equity loan -- DSD Mortgage , Fulton County      Click to request assistance
East Point GA - Georgia reverse mortgage -- Glory Mortgage Brokers Inc , Fulton County      Click to request assistance
Eatonton GA - Georgia home equity loan -- Peoples Bank The , Putnam County      Click to request assistance
Evans GA - Georgia reverse mortgage -- The Mortgage Center , Columbia County      Click to request assistance
Fayetteville GA - Georgia home equity loan -- Buckhead Mortgage Services , Fayette County      Click to request assistance
Fayetteville GA - Georgia reverse mortgage -- Mortgage Master , Fayette County      Click to request assistance
Fayetteville GA - Georgia home equity loan -- Pinnacle Mortgage Corp , Fayette County      Click to request assistance
Fort Oglethorpe GA - Georgia home equity loan -- American First Mortgage , Catoosa County      Click to request assistance
Fytvl GA - Georgia reverse mortgage -- Lawson 850 Mortgage LLC , Fayette County      Click to request assistance
Gordon GA - Georgia home equity loan -- Gordon Bank, The , Wilkinson County      Click to request assistance
Greensboro GA - Georgia reverse mortgage -- BankSouth , Greene County      Click to request assistance
Greensboro GA - Georgia home equity loan -- Lake Oconee Community Bank , Greene County      Click to request assistance
Griffin GA - Georgia reverse mortgage -- First National Bank , Spalding County      Click to request assistance
Griffin GA - Georgia home equity loan -- Primerica Financial Services , Spalding County      Click to request assistance
Griffin GA - Georgia reverse mortgage -- United Bank , Spalding County      Click to request assistance
Hapeville GA - Georgia home equity loan -- Carver State Mortgage Co , Fulton County      Click to request assistance
Hiawassee GA - Georgia home equity loan -- Mountain Lake Mortgages , Towns County      Click to request assistance
Hiawassee GA - Georgia reverse mortgage -- Mountain Lakes Mortgages Inc , Towns County      Click to request assistance
Hiram GA - Georgia home equity loan -- Community Trust Bank , Augusta-Richmond County      Click to request assistance
Jackson GA - Georgia reverse mortgage -- Dover Realty Co I Nc , Butts County      Click to request assistance
Jackson GA - Georgia home equity loan -- First Georgia Community Bank , Butts County      Click to request assistance
Jasper GA - Georgia reverse mortgage -- Active Mortgage , Pickens County      Click to request assistance
Jesup GA - Georgia home equity loan -- Altamaha Federal Credit Union , Wayne County      Click to request assistance
Jesup GA - Georgia reverse mortgage -- Patterson Bank The , Wayne County      Click to request assistance
Jonesboro GA - Georgia home equity loan -- Gateway Mortgage Group # 423 , Clayton County      Click to request assistance
Jonesboro GA - Georgia reverse mortgage -- Georgia Commercial Mortgage , Clayton County      Click to request assistance
Jonesboro GA - Georgia home equity loan -- Pine State Mortgage Corp , Clayton County      Click to request assistance
Kennesaw GA - Georgia reverse mortgage -- AHM Mortgage , Cobb County      Click to request assistance
Kennesaw GA - Georgia home equity loan -- Bb&t Mortgage , Cobb County      Click to request assistance
Kennesaw GA - Georgia reverse mortgage -- Premier Mortgage Exchange, Inc , Cobb County      Click to request assistance
Lagrange GA - Georgia home equity loan -- First Peoples Bank Mortgage Division , Troup County      Click to request assistance
Lake City GA - Georgia home equity loan -- Wynnson Mortgage Co , Clayton County      Click to request assistance
Lawrenceville GA - Georgia reverse mortgage -- A-1 Mortgage Corporation , Gwinnett County      Click to request assistance
Lawrenceville GA - Georgia home equity loan -- Fast Trak Mortgage Corp , Gwinnett County      Click to request assistance
Lawrenceville GA - Georgia reverse mortgage -- Gateway Mortgage Group # 383 , Gwinnett County      Click to request assistance
Leesburg GA - Georgia home equity loan -- Country Mortgages by Farm Credit , Lee County      Click to request assistance
Lilburn GA - Georgia reverse mortgage -- Allied Mortgage Capitol Corp , Gwinnett County      Click to request assistance
Lilburn GA - Georgia home equity loan -- Atlanta Mortgage , Gwinnett County      Click to request assistance
Lilburn GA - Georgia reverse mortgage -- Shiv Mortgage , Gwinnett County      Click to request assistance
Lithonia GA - Georgia home equity loan -- Buyers Preference Realty , DeKalb County      Click to request assistance
Lithonia GA - Georgia home equity loan -- First Commitment Mortgage Services , DeKalb County      Click to request assistance
Loganville GA - Georgia reverse mortgage -- First Chance Mortgage , Walton County      Click to request assistance
Macon GA - Georgia home equity loan -- RTL Financial Inc , Bibb County      Click to request assistance
Macon GA - Georgia reverse mortgage -- The Mortgage Center , Bibb County      Click to request assistance
Marietta GA - Georgia home equity loan -- Advantage Home Mortgage , Cobb County      Click to request assistance
Marietta GA - Georgia reverse mortgage -- Global Mortgage , Cobb County      Click to request assistance
Marietta GA - Georgia home equity loan -- Homestart Financial And Mortgage , Cobb County      Click to request assistance
Marietta GA - Georgia reverse mortgage -- Liberty Mortgage Corp , Cobb County      Click to request assistance
Marietta GA - Georgia home equity loan -- White Star Mortgage , Cobb County      Click to request assistance
McDonough GA - Georgia reverse mortgage -- Atlantic States Mortgage Company , Henry County      Click to request assistance
McDonough GA - Georgia home equity loan -- CFIC Home Mortgage , Henry County      Click to request assistance
Milledgeville GA - Georgia reverse mortgage -- Exchange Bank , Baldwin County      Click to request assistance
Milton GA - Georgia home equity loan -- LifeStyle Mortgage Services , Fulton County      Click to request assistance
Monroe GA - Georgia reverse mortgage -- All Source Mortgage , Walton County      Click to request assistance
Newnan GA - Georgia home equity loan -- Georgia Mortgage Services Inc , Coweta County      Click to request assistance
Newnan GA - Georgia reverse mortgage -- Impact Mortgage Inc , Coweta County      Click to request assistance
Norcross GA - Georgia home equity loan -- Omni Mortgage Inc , Gwinnett County      Click to request assistance
Norcross GA - Georgia reverse mortgage -- Palladium Mortgage , Gwinnett County      Click to request assistance
Peachtree City GA - Georgia home equity loan -- New America Mortgage Company , Fayette County      Click to request assistance
Peachtree City GA - Georgia home equity loan -- Opteum Mortgage , Fayette County      Click to request assistance
Perry GA - Georgia reverse mortgage -- Suntrust Mortgage Inc , Houston County      Click to request assistance
Pooler GA - Georgia home equity loan -- International Mortgage , Chatham County      Click to request assistance
Powder Springs GA - Georgia reverse mortgage -- Day's Mortgage Corp , Cobb County      Click to request assistance
Rck Sprng GA - Georgia home equity loan -- Covenant Bank & Trust , Walker County      Click to request assistance
Rincon GA - Georgia reverse mortgage -- First Southern National Bank Mortgage Division , Effingham County      Click to request assistance
Rome GA - Georgia home equity loan -- Coosa Valley Federal Credit Union , Floyd County      Click to request assistance
Rome GA - Georgia reverse mortgage -- Homestar Financial Corporation , Floyd County      Click to request assistance
Roswell GA - Georgia home equity loan -- American Home Mortgage , Fulton County      Click to request assistance
Roswell GA - Georgia reverse mortgage -- Wachovia Mortgage Corporation , Fulton County      Click to request assistance
Saint Marys GA - Georgia home equity loan -- Genesis Mortgage Inc , Camden County      Click to request assistance
Saint Marys GA - Georgia reverse mortgage -- Nfcu Mortgage Services , Camden County      Click to request assistance
Sandy Springs GA - Georgia home equity loan -- All Pro Mortgage Inc , Fulton County      Click to request assistance
Sandy Springs GA - Georgia reverse mortgage -- Allied Home Mortgage Capital , Butts County      Click to request assistance
Savannah GA - Georgia home equity loan -- Accurate Mortgage , Chatham County      Click to request assistance
Savannah GA - Georgia home equity loan -- Market Street Mortgage , Chatham County      Click to request assistance
Snellville GA - Georgia reverse mortgage -- Accent Mortgage Services Inc , Gwinnett County      Click to request assistance
Snellville GA - Georgia home equity loan -- Integrity Mortgage Solutions , Gwinnett County      Click to request assistance
Social Circle GA - Georgia reverse mortgage -- McKinley Mortgage And , Walton County      Click to request assistance
Sparta GA - Georgia home equity loan -- Bank Of Hancock County , Hancock County      Click to request assistance
Springfield GA - Georgia reverse mortgage -- Citizens Bank , Effingham County      Click to request assistance
St Simons Island GA - Georgia home equity loan -- Somerset Mortgage Corp , Glynn County      Click to request assistance
St Smn Is GA - Georgia reverse mortgage -- Superior Financial Corporation , Glynn County      Click to request assistance
Statesboro GA - Georgia home equity loan -- South Georgia Mortgage Co , Bulloch County      Click to request assistance
Statesboro GA - Georgia home equity loan -- Wachovia Mortgage Corp , Bulloch County      Click to request assistance
Stockbridge GA - Georgia reverse mortgage -- Capital Funding And Mortgage Group , Henry County      Click to request assistance
Stockbridge GA - Georgia home equity loan -- Wachovia Mortgage Corporation , Henry County      Click to request assistance
Stone Mountain GA - Georgia reverse mortgage -- Alliance First mortgage, DeKalb County      Click to request assistance
Stone Mountain GA - Georgia home equity loan -- Miracle Mortgage Funding Mortgage , DeKalb County      Click to request assistance
Stone Mountain GA - Georgia reverse mortgage -- Trinity Capital Mortgage Llc , DeKalb County      Click to request assistance
Sugar Hill GA - Georgia home equity loan -- First Envision Mortgage LLC , Gwinnett County      Click to request assistance
Sugar Hill GA - Georgia reverse mortgage -- Partners Mortgage , Gwinnett County      Click to request assistance
Suwanee GA - Georgia home equity loan -- American Mortgage Solutions , Gwinnett County      Click to request assistance
Suwanee GA - Georgia reverse mortgage -- Apex Mortgage , Gwinnett County      Click to request assistance
Suwanee GA - Georgia home equity loan -- Mortgage Integrity , Gwinnett County      Click to request assistance
Thomaston GA - Georgia reverse mortgage -- United Bank , Upson County      Click to request assistance
Tifton GA - Georgia home equity loan -- Southern Mortgage Unlimited , Tift County      Click to request assistance
Tucker GA - Georgia reverse mortgage -- Alpha Empire Mortgage , DeKalb County      Click to request assistance
Tucker GA - Georgia home equity loan -- Midland Mortgage Corporation , DeKalb County      Click to request assistance
Union City GA - Georgia home equity loan -- Accounting & Bookkeeping Solutions Inc , Fulton County      Click to request assistance
Valdosta GA - Georgia reverse mortgage -- 1st Metropolitan Mortgage , Lowndes County      Click to request assistance
Villa Rica GA - Georgia home equity loan -- BB&T Mortgage , Carroll County      Click to request assistance
Warner Robins GA - Georgia reverse mortgage -- Mortgage Center The , Houston County      Click to request assistance
Waycross GA - Georgia home equity loan -- Patterson Bank The , Ware County      Click to request assistance
Winder GA - Georgia reverse mortgage -- Georgia Funding Network , Barrow County      Click to request assistance
Winston GA - Georgia home equity loan -- Aapex Mortgages , Douglas County      Click to request assistance
Woodstock GA - Georgia reverse mortgage -- First PrimSouth Mortgage Company , Cherokee County      Click to request assistance
Woodstock GA - Georgia home equity loan -- Hometown Mortgage USA Inc , Cherokee County      Click to request assistance

 

Contact Georgia Reverse Mortgage Services

For the convenience of the public, care providers are listed on this page to show services available in a particular area. We cannot verify the business practice or the background of providers listed on this page. As a result, we do not provide contact information. Members of the Georgia Care Planning Council, listed on this site, have agreed to abide by a code of ethics. If you wish to contact a member of the Georgia Care Planning Council regarding any of the eldercare services listed on this page, please fill out the form below and a council member will contact you. Please be aware that your information may be shared with other members of the Care Planning Council who might be able to help you as well. Read Our Disclaimer.

 

About Reverse Mortgages

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

 
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About Reverse Mortgages

 

For many seniors the equity in their home is their largest single asset, yet it is unavailable to use unless they use a home-equity loan. But a conventional loan really doesn't free up the equity because the money has to be paid back with interest.

A reverse mortgage is a risk-free way of tapping into home equity without creating monthly payments and without requiring the money to be paid back during a person's lifetime. Instead of making payments the cash flow is reversed and the senior receives payments from the bank. Thus the title "reverse mortgage".

Many seniors are finding they can use a reverse mortgage to pay off an existing conventional mortgage, to create money for a down payment for a second home or to pay off debt. Popularity is skyrocketing. Over the last five years the number of reverse mortgages nationwide has tripled. The uses of this untapped wealth are only limited by a person's imagination.

For those seniors who are less fortunate but own a home, a reverse mortgage can allow them to remain in the home by creating extra income. It can also allow for remodeling or repairs and when the time comes to sell, the investment in the home can make it more valuable.

False Beliefs

  • "The lender could take my house." The homeowner retains full ownership. The Reverse Mortgage is just like any other mortgage; you own the title and the bank holds a lien. You can pay it off anytime you like.
  • "I can be thrown out of my own home." Homeowners can stay in the home as long as they live, with no payment requirement.
  • "I could end up owing more than my house is worth." The homeowner can never owe more than the value of the home at the time the loan is due.
  • "My heirs will be against it." Experience demonstrates heirs are in favor of Reverse Mortgages.

Virtually anyone can qualify. You must be at least 62, own and live in, as a primary residence, a home [1-4 family residence, condominium, co-op, permanent mobile home, or manufactured home] in order to qualify for a reverse mortgage.

There are no income, asset or credit requirements. It is the easiest loan to qualify for.

A reverse mortgage is similar to a conventional mortgage. As an example:

  • The bank does not own the home but owns a lien on the property just as with any other mortgage
  • You continue to hold title to the property as with any other mortgage
  • The bank has no recourse to demand payment from any family member if there is not enough equity to cover paying off the loan
  • There is no penalty to pay off the mortgage early

The proceeds from a reverse mortgage are tax-free and can be used for any legal purpose you wish:

  • daily living expenses
  • home repairs and improvements
  • medical bills and prescription drugs
  • pay-off of existing debts
  • education, travel
  • long-term care and/or long-term care insurance
  • financial and estate tax plans
  • gifts and trusts
  • to purchase life insurance
  • or any other needs you may have.

The amount of reverse mortgage benefit for which you may qualify, will depend on

  • your age at the time you apply for the loan,
  • the reverse mortgage program you choose,
  • the value of your home, current interest rates,
  • and for some products, where you live.

As a general rule, the older you are and the greater your equity, the larger the reverse mortgage benefit will be (up to certain limits, in some cases). The reverse mortgage must pay off any outstanding liens against your property before you can withdraw additional funds.

The loan is not due and payable until the borrower no longer occupies the home as a principal residence (i.e. the borrower sells, moves out permanently or passes away). At that time, the balance of borrowed funds is due and payable, all additional equity in the property belongs to the owners or their beneficiaries.

There are three reverse mortgage loan products available, the FHA - HECM (Home Equity Conversion Mortgage), Fannie Mae - HomeKeeper®, and the Cash Account programs. Over 90% of all reverse mortgages are HECM contracts.

The costs associated with getting a reverse mortgage are similar to those with a conventional mortgage, such as the origination fee, appraisal and inspection fees, title policy, mortgage insurance and other normal closing costs. With a reverse mortgage, all of these costs will be financed as part of the mortgage prior to your withdrawal of additional funds.

You must participate in an independent Credit Counseling session with a FHA-approved counselor early in the application process for a reverse mortgage. The counselor's job is to educate you about all of your mortgage options. This counseling session is at no cost to the borrower and can be done in person or, more typically, over the telephone. After completing this counseling, you will receive a Counseling Certificate in the mail which must be included as part of the reverse mortgage application.

You can choose 3 options to receive the money from a reverse mortgage:

1) all at once (lump sum);

2) fixed monthly payments (for up to life);

3) a line of credit; or a combination of a line of credit and monthly payments. The most popular option, chosen by more than 60 percent of borrowers, is the line of credit, which allows you to draw on the loan proceeds at any time.

Keeping money in a reverse mortgage line of credit in most states will not count as an asset for Medicaid eligibility as this would be considered a loan and not a resource for Medicaid spend down. However transferring the money to an investment or to a bank account would represent an asset and would trigger a spend down requirement. Please note however that distinguishing between what portion of reverse mortgage proceeds might be counted as a loan and what portion as an asset is not a simple black and white decision. It is best to get an opinion from an elder attorney in your state.

If a senior homeowner chooses to repay any portion of the interest accruing against his borrowed funds, the payment of this interest may be deductible (just as any mortgage interest may be). A reverse mortgage loan will be available to a senior homeowner to draw upon for as long as that person lives in the home. And, in some cases, the lender increases the total amount of the line of credit over time (unlike a traditional Home Equity Line whose credit limit is established at origination). If a senior homeowner stays in the property until he or she dies, his or her estate valuation will be reduced by the amount of the debt.

At the death of the last borrower or the sale of the home, the loan is repaid from equity in the home. Any remaining equity (which is often the case) goes to the heirs. Almost all reverse mortgages are the HECM loan which is guaranteed by FHA mortgage insurance. If there is not enough equity to cover the loan, the insurance satisfies the loan by paying the deficit. With a HECM loan, the bank will never come after the heirs to satisfy the mortgage obligation.